LOAN & HOMEBUYER PROGRAMS

REHABILITATION LOAN PROGRAM

The Rehabilitation Loan program is designed to assist homeowners with major rehabilitation of their homes. The loan may only be used to address health, safety, security, and rehabilitation concerns as determined by the Property Advisor. The maximum loan amount is $40,000 and may include refinancing. The program offers minimum deferred loans, zero percent interest loans and three percent interest loans to qualified owners. The owner must reside in the house one year prior to applying for assistance; must meet the income limits; must have title in their name one year prior to applying; must have property taxes current; must have a favorable credit report; and be a resident of the City of Corpus Christi. After-Rehab Value cannot exceed $134,900.

DEMOLITION AND RECONSTRUCTION LOAN PROGRAM

This program assists homeowners with the demolition and reconstruction of their homes. If the structure is determined to be over 60 percent deteriorated, or if the cost to rehabilitate it exceeds the value of the house, the house may be demolished. The maximum loan amount is $55,000 for a 2-bedroom; $65,000 for a 3-bedroom; and $70,000 for a 4-bedroom house. The program offers minimum deferred loans, zero percent interest loans and three percent interest loans to qualified owners. The owner must reside in the house one year prior to applying for assistance; must meet the income limits; must have title in their name one year prior to applying; must have property taxes current; must have a favorable credit report; and be a resident of the City of Corpus Christi. After-rehab value cannot exceed $134,900.

EMERGENCY HOME REPAIR GRANT PROGRAM

The Emergency Home Repair Grant Program assists homeowners with emergency repairs involving the roof, plumbing, electrical, heating or minor structural repairs. If the structure is determined to be over 60% deteriorated the owner will be referred over to the loan program. The maximum grant amount is $6,500. The owner must be 65 years or older or disabled; must reside in the house one year prior to applying for assistance. Must meet the very low income limits; must have title in their name one year prior to applying; must have property taxes current; and be a resident of the City of Corpus Christi.

HOMEBUYER PROGRAM

The purpose of this program is to assist homebuyers with closing costs and down payment assistance. The homebuyer will be provided up to $5,000 in the form of a deferred forgivable loan at zero percent interest amortized over 5 years. In order to be eligible the homebuyer must meet low and moderate income limits; must not currently own property; and must use the home being purchased as their principal residence. The purchase price of the home cannot exceed 95% of the area median price, which is currently $134,900. The home must be located within the city limits of Corpus Christi . The homebuyer must attend an 8-hour homebuyer/homeownership class conducted by the City. To sign up for a class call 826-3010.

NEW CONSTRUCTION HOMEBUYER PROGRAM

The Corpus Christi Business and Job Development Corporation, a corporation of the City of Corpus Chrisiti, administers a New Construction Homebuyer Program. The homebuyer will be provided a $20,000 deferred forgivable loan, at zero percent interest amortized over 10-years and forgiven at $2,000 per year, to purchase a newly constructed home. These funds may only be used for down payment to reduce the purchase price of the home. Funds may not be used for closing costs. In order to be eligible, the homebuyer must meet low and moderate income limits; must not currently own property; and must use the home being purchased as their principal residence. The sale price of the home cannot exceed $134,900. The homebuyer will be required to select a builder from a list of approved builders. This program is funded using Type A funds, which are local sales tax dollars. Funding is limited. nterested homebuyers should call 826-3010 for more information regarding this program.

EXISTING INVENTORY HOMEBUYER PROGRAM

The Corpus Christi Business and Job Development Corporation, a City of Corpus Christi corporation, provides local sale tax dollars to fund the "Existing Inventory Homebuyer Program." The Program provides a $20,000 deferred forgivable loan, at zero percent amortized over a ten-year period to assist with the purchase of a pre-owned home. The funds can only be used toward the down payment to reduce the purchase price. These funds cannot be used toward closing costs. The Program requires that the homebuyer meet Program income limits; must not currently own property; home being purchased must be within the City limits of Corpus Christi; purchase price cannot exceed $134,900; home cannot be located in the 100-year flood plain; if built prior to 1978 home must not contain lead base paint ; and home must pass a Housing Quality Standard inspection. Funding is limited.

2013 Income Limits

HH Size

1

2

3

4

5

6

7

8

Very Low

18,450

21,100

23,750

26,350

28,500

30,600

32,700

34,800

Low/Moderate

29,550

33,750

37,950

42,150

45,550

48,900

52,300

55,650

Revised 01/15/2013 Income limits are established by HUD and are subject to change without notice.